HYPE Trades 21% Below Peak as Hyperliquid Strategies Raises Buyback to $100M

• A rise in Hyperliquid Strategies’ share buyback authorisation from $30 million to $100 million leaves approximately $72 million available for repurchases.
• Daily Bitcoin futures trading of $2.9 billion on Hyperliquid and Lighter represented 7.5% of total Bitcoin futures volume.
• A fall from 80% in July to 26% reduced Hyperliquid’s share of the RWA perpetual futures market, while centralised exchanges secured 64%.

An increase in buyback authorisation from $30 million to $100 million was approved by the board of Hyperliquid Strategies (PURR), the company announced on Friday. Approximately $72 million remains available for repurchases.

Hyperliquid Strategies lifts share buyback authorisation to $100 million

An extension of the programme’s expiry date from 5 December 2026 to 31 October 2027 was also confirmed in the company’s Friday statement.

Under the programme, Hyperliquid Strategies can buy back its PURR shares on the open market or through other permitted methods. While any purchases remain discretionary, the company said the expanded authorisation reflected the board’s confidence in its long-term capital strategy.

Following a business combination involving Sonnet BioTherapeutics and Rorschach I LLC in late 2025, the company started buying HYPE. That transaction created an initial treasury of approximately $880 million, made up of 12.5 million HYPE tokens worth $580.5 million and nearly $300 million in cash.

Centralised exchanges intensify competitive pressure on Hyperliquid

At around $77 on Friday, HYPE was trading approximately 21% below its record high of $97.96, reached on 23 September.

Growing competition in real-world asset (RWA) perpetual futures has accompanied the decline. At the same time, Hyperliquid’s order-book liquidity and selection of tradable assets point to its widening market presence.

Published on Friday, a report by Glassnode and Fasanara Digital examined Hyperliquid’s standing in Bitcoin derivatives, alongside the increasing significance of traditional financial assets on crypto trading platforms.

Between 1 and 24 September, the median value of Bitcoin perpetual futures orders resting at Hyperliquid’s best bid and ask was $856,000, according to the joint report. That put the platform above OKX’s $786,000 but below Binance’s $1.03 million.

At 0.127 basis points, however, Hyperliquid’s quoted spread was nearly 10 times Binance’s 0.013 basis points. According to the report, this gap partly reflected Hyperliquid’s use of whole-dollar Bitcoin price increments, against increments of $0.10 on Binance.

Combined daily Bitcoin futures trading on Hyperliquid and Lighter amounted to approximately $2.9 billion, or 7.5% of total Bitcoin futures volume, the report found. Since late 2024, when their combined share stood below 1%, it has increased nearly tenfold. Over the same period, daily volume across the wider Bitcoin futures market contracted from $81 billion to $38.5 billion.

Markets in equities, indices and commodities have also been made possible by Hyperliquid’s HIP-3 infrastructure, extending its reach beyond crypto derivatives. Trading volume in these traditional-asset perpetuals was roughly 85% of the platform’s Bitcoin perpetual volume, highlighting the increasing significance of non-crypto markets for Hyperliquid.

Competitive pressure is nevertheless mounting. A decline in Hyperliquid’s share of RWA perpetual trading volume, from approximately 80% in July to 26%, was highlighted in earlier reports.

Centralised exchanges, by contrast, secured a combined 64% market share. Within that group, Binance advanced from 3% to 30%, while OKX’s share reached 14%.